Bloomberry Resorts Corp, the parent company of Philippines integrated resort brand Solaire, has announced a new dividend policy under which it will make annual distributions equal to 35% of the prior year’s audited consolidated Earnings Per Share.
The new policy, approved by Bloomberry’s Board of Directors on Tuesday, is subject to certain conditions including that such cash dividend shall be taken from the unrestricted retained earnings of the company as required by law.
The Board will also determine the amount and timing of the declaration of cash dividends, Bloomberry said, while the company shall consider and comply with any contractual restrictions on dividend payments imposed by existing and future debt facilities, and the Board of Directors shall consider the company’s current and future business performance, current and future economic conditions, development pipeline, cash flows, and financial position in determining the amount of cash dividends.
The dividend policy was announced on the same day as Bloomberry released its 2Q24 financial results, which saw net income fall to Php1.3 billion (US$22.8 million) from Php3.4 billion (US$59.7 million) a year earlier due to lower VIP volumes and costs associated with the opening of Solaire Resort North in Quezon City.
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